Property Buying Tips
A. Inspection of the property a necessity before buying.
Yes. One of the largest investments done by a person is with respect to the purchase of a residential property either for personal use or as an investment.
Some of the areas to be looked into with more closely are:
- Plumbing systems, drainage, water faucets and sanitary fittings.
- Electrical systems, circuit breakers, wires, capacity of the electric meter, functioning of light fittings.
- Roof, walls, ceilings, floors, paint work.
- Foundation, basement and visible structures.
- Doors and windows, latches, locks.
- Structural stability of the building.
B Background check
Once you have zeroed down on a development, it is important to look at the track record of the builder. Find out about the builder’s last few projects. Visit them and study the finishes, speak to residents about the quality of construction, delivery time and maintenance arrangements. CREDAI is working at putting in place a developer rating system that evaluates a range of factors like on-time delivery, construction quality, track record, etc. This will in all probability be done by CRISIL.
C Go through the right sources
Don’t buy something only because you’re getting a cheaper deal from someone. Beware of inexperienced or crooked brokers. Always go through a reliable source. If possible, strike a direct deal with the builder.
D. Checklist to be followed while buying residential or commercial property
Since your hard earned money is at stake, it is advisable the following checklist is followed:
- It is advisable that the potential buyer studies the market for the market trends about prevalent rates of property in the vicinity and last known transactions.
- Ask for photocopies of all deeds of title related to the property to be purchased. A legal opinion through a good standing advocate is advisable. The legal counsel will examine the deeds to establish the ownership of the property by seller, preferably through an advocate. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. Previous encumbrances and loans, if any on the property must be cleared before completion of purchase of the property. The title of the Vendor to the property must be clear and marketable.
- One of the major issues with a number of properties is the deviation of the built plan from that of the approved plan. Check for approved layout plan and approved building plan with number of floors and square footage approved against what is built in the property.
- Clearances from the following authorities is good to have: Muncipality, Electricity, Water, Pollution, Lift Authorities, Fire, and ensure the property has been issued Occupancy Certificates.
- Check the building bye-laws in that area to verify any infringements with respect to setback, side setback, height, square footage etc.
- To get a good idea of the total purchase price, confirm transfer fees, stamp duty and registration charges to be paid on purchase of the property as well as other outgoings to be paid for the property i.e. property tax, water and electricity charges, society charges, maintenance charges
- After payment of the entire sale price, take over legal possession of the property along with documents of title in original from the Vendor of the property
- Change name of the holder of the property to the purchaser in the records of the society, Electricity Company, municipal corporation, Index II etc
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